463,496 Shares in AvalonBay Communities, Inc. $AVB Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management acquired 463,496 AvalonBay Communities shares worth approximately $87.5 million, representing about 0.32% of the REIT. Institutional investors collectively own 92.61% of the company.
• Analysts remain broadly cautious, with a consensus “Hold” rating from MarketBeat based on three Buy ratings and 15 Holds; the average price target is $196.87.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 consensus estimate, while revenue of $777.77 million exceeded expectations. The company maintains a quarterly dividend of $1.78, equivalent to a 3.9% yield.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 463,496 shares of the real estate investment trust's stock, valued at approximately $87,457,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.32% of AvalonBay Communities at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Auto Owners Insurance Co lifted its holdings in shares of AvalonBay Communities by 18,031.0% during the 4th quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust's stock worth $213,677,000 after acquiring an additional 11,720,150 shares during the period. State Street Corp increased its stake in AvalonBay Communities by 1.0% in the third quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust's stock valued at $1,858,788,000 after acquiring an additional 92,467 shares during the period. Norges Bank bought a new stake in AvalonBay Communities in the fourth quarter valued at about $1,394,635,000. JPMorgan Chase & Co. raised its position in AvalonBay Communities by 22.4% in the fourth quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust's stock worth $935,551,000 after purchasing an additional 944,129 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in AvalonBay Communities by 9.3% during the fourth quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust's stock worth $815,360,000 after purchasing an additional 383,983 shares during the period. Institutional investors own 92.61% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group upgraded AvalonBay Communities to a "hold" rating in a research note on Wednesday, July 22nd. Cantor Fitzgerald upped their price target on AvalonBay Communities from $186.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. Barclays increased their price objective on AvalonBay Communities from $205.00 to $206.00 and gave the stock an "equal weight" rating in a research note on Monday. Truist Financial lifted their price objective on AvalonBay Communities from $201.00 to $202.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Finally, Wolfe Research upgraded shares of AvalonBay Communities from an "outperform" rating to an "outperform" rating and set a $209.00 target price on the stock in a research note on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $196.87.

AvalonBay Communities Stock Performance

Shares of NYSE AVB opened at $184.06 on Wednesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.74. The company has a 50-day moving average of $187.80 and a two-hundred day moving average of $180.28. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $198.63. The company has a market cap of $26.28 billion, a PE ratio of 30.08, a P/E/G ratio of 2.98 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.The firm had revenue of $777.77 million for the quarter, compared to analyst estimates of $772.37 million. During the same period in the prior year, the company posted $2.82 EPS. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date was Tuesday, June 30th. AvalonBay Communities's dividend payout ratio is currently 116.34%.

AvalonBay Communities Company Profile

AvalonBay Communities, Inc NYSE: AVB is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay's core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay's operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.

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